Category: International Tax

International Tax

IRS Enhances Security, Revises EIN Application Process by Angie Adames, CPA

Posted on April 10, 2019 by Angie Adames

Effective May 13, 2019, the IRS will only issue Employer Identification Numbers (EINs) to entities whose applications name a responsible party who has a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). No longer will the IRS accept Form SS-4 or online applications from entities that use their existing EINs to obtain additional […]

U.S. Beneficiaries of Foreign Trusts May Be In for an Unpleasant Surprise This Year by Arthur Dichter, JD

Posted on February 14, 2019 by Arthur Dichter

The Tax Cuts and Jobs Act (TCJA) has had broad-reaching impact on all taxpayers for 2018 and going forward. This includes U.S. persons who are beneficiaries of foreign non-grantor trusts. As a result of the TCJA suspending the deduction for miscellaneous itemized deductions, which includes the deduction for investment management fees, trust distributable net income […]

Voluntary Disclosure of Previously Unreported Offshore Assets Just Got More Expensive by Andrew Leonard, CPA

Posted on January 04, 2019 by Andrew Leonard

Sept. 28, 2018, marked the end of the IRS’s Voluntary Offshore Disclosure Program (OVDP), which provided reticent taxpayers with protection from criminal prosecution and an opportunity to pay reduced penalties when they came forward to report and pay taxes on unreported foreign income and assets. As a result, the IRS has put into place new, […]

Foreign Investors Must Look before they Leap into the U.S.’s Thriving Real Estate Market by Arthur Dichter, JD, LLM

Posted on October 17, 2017 by Arthur Dichter

Commercial and residential real estate in the U.S. continues to be a safe haven for foreign investors who seek the potential for higher yields and capital preservation than they may receive in their home countries or from portfolio investments. However, the potential upside from an investment in the U.S. real estate market comes with the […]

Asymmetric Global Financial Reporting Regimes Provide Privacy Protection Opportunity by Ken Vitek, CPA

Posted on October 12, 2017 by Ken Vitek

Due to global efforts to combat tax avoidance and uncover assets hidden in offshore accounts, individuals and financial institutions continue to face a complex and challenging environment for cross-border tax reporting and compliance. There are presently more regulations centered on tax transparency and reducing countries’ lost tax revenues than ever before. However, there remains a […]

Deadline for Reports of Foreign Financial Accounts Delayed for Victims of Hurricane Irma by James W. Spencer, CPA

Posted on September 15, 2017 by Jim Spencer

U.S. citizens and resident aliens who live in areas affected by Hurricane Irma will receive an extension of time to report their financial interest in or signature authority over foreign bank, securities or other financial accounts with an aggregate value exceeding $10,000 during any time in 2016.   The Financial Crimes Enforcement Network (FinCEN) announced […]

The Border Adjustment Tax is Dead…or is It?? by James W. Spencer CPA

Posted on August 21, 2017 by Jim Spencer

As Congress shifts its attention from healthcare to tax reform, key Republicans and the White House on July 27, 2017, issued a joint statement agreeing to “set aside” a proposed and much-hyped border adjustment tax (BAT) on imported goods. Business groups that feared a destination-based tax would drive up costs cheered this news. However, it […]